Sid Richardson bows out of Cancarb purchase

FORT WORTH, Texas (Feb. 6)—Sid Richardson Carbon Co. has terminated a previously announced acquisition of Canadian thermal black producer Cancarb Ltd., citing changing economic conditions related to high natural gas prices in North America. Sid Richardson´s Canadian subsidiary said it declined to complete the deal in accordance with terms of the acquisition agreement signed last September. Cancarb owner TransCanada PipeLines Ltd., on the other hand, said Sid Richardson failed to meet its obligations under the terms of the agreement, and is considering its business and legal options regarding the Cancarb sale. According to TransCanada, it expected Sid Richardson to complete the approximate $105 million deal Feb. 1.